ReconAfrica closes C$19m underwritten offering

Reconnaissance Energy Africa Ltd. (ReconAfrica) (TSXV: RECO) announced the closing of its upsized underwritten public offering, generating gross proceeds of C$19 million. The offering, led by Research Capital Corporation, included the full exercise of the over-allotment option and saw participation from BW Energy Limited for C$4.7 million. Net proceeds are earmarked for exploration activities, notably the drilling of the Kavango West 1X well (Prospect I), scheduled to mobilize in late June.